Ric Dawson (Managing Director) replied to me again and it's all...

Ric Dawson (Managing Director) replied to me again and it's all look good for the iron ore tennement and the $5mln Institutional backing....

Here is further information regarding (1) the iron ore project and (2) $5mln funding:

1/ the results are encouraging unfortunately until
PSP drills the RC to determine the depth component, we wont really know but it looks good at this stage

2/We are currently only waiting on one more applicant to have fully subscribed the $5m and their has left US but has not yet reached PSP

Ric

At 04:07 PM 11/10/2007, you wrote:
>Hi Ric Dawson,
>I'm really appreciate your prompt reply.
>
>1/ I still strongly believe in PSP's Iron Ore project. Do you expect
>results from Woolshed and Mummaloo will be material?
>
>2/ Regarding about the $5mln placement, do PSP still expect to
>receive the supports from International Institutions for the
>balances yet to receive? cheers.